Question

An initial amount of $800 is invested in a compound savings account with an annual interest rate of 4.5%. Using the formula A = P (1 + r) Superscript t, what is the balance after five years?

Answer 1

996.95

Explanation:

Took the quiz on edge 2021 :)

Answer 2

$996.95

Explanation:

Using the exponential growth formula, plug the given data into it

P = initial value

r = growth rate

t = number of time intervals passed

`800 (1 + .045)^(5)`

`800(1.045)^(5)`

≈ $996.95